Category Archives: Blog

A tax audit can be very stressful at the time when the Australian Taxation Office is alleging you have under-declared income or over-claimed deductions, or areas where the tax laws had applied in mistake. When faced with a tax audit, It is not only the taxpayers who might feel the stress with the tax audit

The Labor Party is advocating to change the negative gearing policy in the next election, the proposal changes would involve limiting the deductibility of rental loss against other assessable income to new properties only, however, whether that particular legislation can be passed is still a question mark. Many of us would tend to want to

Recently, there are a spam of fraudulent phone calls from tax scammers claiming to be Australian Taxation Office, and threatening you with tax audit, litigation and asking you to pay thousand of dollars to settle the tax audit, tax review cases with them. One of my client spoke to me and he himself had been

Have you done your tax return for FY2018, if you have not done it, do you know that the due date to do the tax return by yourself falls on 31 October, and if you would like to save tax, see ways to maximize your tax position, or tax refund, you should give us a

Search

Popular

A tax audit can be very stressful at the time when the Australian Taxation Office is alleging you have under-declared income or over-claimed deductions, or areas where the tax laws had applied in mistake.
When faced with a tax audit, It is not only the taxpayers who might feel the stress with the tax audit but also the tax accountant who had prepared the specific tax return/s.
[caption id="attachment_998" align="aligncenter" width="720"] specialist in tax audit specialist for accountant[/caption]
There is a safe harbor provision in the tax agent legislation, where if it can prove that the taxpayer provided the tax agent with all the relevant facts, then the specific tax agent might be liable for the potential penalty derive as a result of the tax audit.
EndureGo Tax is considered to be one of the most professional and experienced accounting firms in Sydney and Adelaide, and our speciality is to help other accounting firms in dealing with tax audits with the ATO. We can help the accountant, whose clients are facing with the tax audits.
If your client's tax audit matter can be transferred to an independent third party tax audit specialist like EndureGo Tax, then it will be helpful and beneficial to you as an accountant and the client.
You will feel comfortable, as the matter will be handled by an experienced tax audit specialist of EndureGo Tax; this would mean the particular tax client will be removed from your tax agent portal, and we will deal with the all necessary complexities associated with the tax audit.
Our tax audit methodology is based on the keywords of Understand, Communicate, Review, Analyse and Resolve.
Our objective is to minimise all possible adverse outcomes from the tax audit and ensure the accountant stays safe within the safe harbor provision.
We will review the tax audit letter, identify the specific tax audit issue on hand, communicate with the client and ATO tax auditor, getting all of the data, analyse them, and ensure that the accountant stays safe with the specific safe harbor provision.
Our core objective besides ensuring the client stays safe from the tax audit; we also want to ensure that the accountant or adviser stays safe from the tax audit.
Our tax audit approach is to review the whole situation, talk to the client, and get the data and analyze it from an alternative perspective.
We will then communicate with the auditor from ATO, and formulate a strategy to deal with the tax audit.
Our panel of tax lawyers including most of the top tax lawyers in Sydney and on occasions we will choose a particular tax lawyer with a specific area of expertise to work on the particular tax audit case.
At the moment, we are handling a particular tax audit job, which the client was audited in 2004, and at the moment had been penalized with a penalty of over $700,000.
We examined the whole data and reviewed the original tax audit letter, the audit outcome and the objection, and we then found some contradictory evidence helpful to the objection.
We formulate a strategy in which we do not need to target the year of audit and look at the other year, and if we are successful, then the client would be able to save a significant amount of money.
Our panel of tax lawyers also include Mr. Michael Cranston who used to be the Deputy Commission of Australian Taxation Office Michael Cranston. Hence if you have clients who had received a tax audit or tax review letter from the Australian Taxation Office, please give us a call on 0410-829-900, or send us an email to jc@endurego.com...

The Labor Party is advocating to change the negative gearing policy in the next election, the proposal changes would involve limiting the deductibility of rental loss against other assessable income to new properties only, however, whether that particular legislation can be passed is still a question mark.
[caption id="attachment_972" align="aligncenter" width="5760"] lower the audit risk of investment property tax return by using a rental agent[/caption]
Many of us would tend to want to rent out our investment properties out by ourself to save on some rental agent fee, however, never do we realize, that if we do that, sometime we can complicate our situation in the tax audit time. If our investment properties are subject to tax audit, and the Australian Taxation Office would want to see the evidence of the income being received, and such evidences would be bank statements, and rental contract. However, if ATO gets a hold of your bank statement, sometime, there might be that surprise, as they might be able to find other avenues not included in the initial tax audit. The second fall back is that if you do not have a proper record keeping habit, and when Australian Taxation Office audit you, you might not be produce those records to ATO, then you will run a very high level of audit risk in term of substantiation evidence.
The biggest benefit in using the real estate agent to rent the property is that the fee you paid to the real estate agent are deductible for the financial year.
Also they will provide a rental statement to you at the end of the financial year, which equates to the summary of the income and the expenses, and sometime you can get the real estate agents to pay for the water and other fees, and they normally will keep the receipts for you, hence in the tax audit time, if you had lost the invoices, a copies of the invoices will be with the real estate agents.
As one of the most trusted and professional tax accountant and tax agent in Ashfield Sydney, we will be able to look after your investment properties tax return, we will provide 10mins free tax review for your past tax returns with investment properties to see whether your investment property tax return is done correctly. Please give us a call on 0410-829-900, or email us at hello@endurego.com....

Recently, there are a spam of fraudulent phone calls from tax scammers claiming to be Australian Taxation Office, and threatening you with tax audit, litigation and asking you to pay thousand of dollars to settle the tax audit, tax review cases with them.
One of my client spoke to me and he himself had been targeted by the tax scammers with such a phone call.
He was threatened with the allegation that “He has not done the tax returns for a number of years, and there are penalties of $4,500, and ATO is investigating the issue and had done the tax audit and had found that there were mistakes in the prior tax returns, and as such, ATO had found him to be recekless, and had levied a fine of $4,500”.
However, to the surprise of the tax scammer, my client then asked him the name of his registered tax agent. The fraudster could not tell, and my client then said that he will engage his registered tax agent to ring the ATO to look into the issue, and ask for a phone reference number, and that fraudster again could not provide the reference number, and then hang up the phone. The next day, the client informed us of the issue, and we then rang ATO, and found out the whole thing was a scam, and then told the client of the
[caption id="attachment_957" align="aligncenter" width="4512"] tips on how to prepare a good tax return[/caption]
issue.
My client is lucky in a sense that he has a responsible and caring registered tax agent and accountant to look after his tax affair, EndureGo Tax is one of the most trustworthy, professional and experienced accountant and tax agent in Ashfield Sydney.
The scammer is relying on the fact that ATO does charge around $900 as failure to lodge penalty for non lodging tax returns, and also there are more tax audits carried out by Tax Office on individual and small businesses, hence sometime when you receive such a phone call, normally you would believe and become concerned and scared, and sometime would conform to the request of the scammer and give him/her the money.
If you have receive similar phone call, or have not done the tax returns for a number of years, or had been targeted by Australian Taxation Office for a tax audit or review, please give EndureGo Tax a call on 0410-829-900 and speak to John, John is a professional FCPA and we will be able to assist you to resolve the many issues or tax audit issues you have with the Australian Taxation Office....

Have you done your tax return for FY2018, if you have not done it, do you know that the due date to do the tax return by yourself falls on 31 October, and if you would like to save tax, see ways to maximize your tax position, or tax refund, you should give us a call, as one of the most professional and trustworthy accountant and tax agent in Ashfield Sydney and Adelaide South Australia, it is our job to help you to do your tax return, see ways to maximize your tax refund, and also to educate you and ensure your tax return is compliance and minimize tax audit risk.
[caption id="attachment_957" align="aligncenter" width="4512"] tips on how to prepare a good tax return[/caption]
Remember the tax return or tax lodgement due date of the 2018 tax return was over on 31 October.
However, so many people overlook their tax obligations and never wonder why they find themselves in big trouble when they receive a tax penalty letter from the ATO. This unnecessary hassle can be well-controlled and handled properly before such scary penalty or even a court prosecution knocks on the door. If you have receive a letter from ATO asking you to explain certain issues in the tax return, please do not panic, please pick up the phone and give us a call on 0410-829-900, speak to John and one of our experienced CPA qualified accountant will be there to help you with the tax audit, and to minimize the tax audit risk.
Working with a number of panic clients failing to meet their tax obligations, I have learnt some of the common naive excuses which can be avoided.

Forget to lodge a tax return on time because of busy schedule

Misunderstand of deduction rules or apply incorrect deduction method which results over-claim of deduction or under claim of income.

Forgot to include foreign income, especially foreign capital gains income

If your family oversea gave you money on regular basis as living allowance, sometime it is necessary to include it in the area of target foreign income, remember it is better to over include than not include, as it might lead you into tax audit trouble.

Assume that a tax return will automatically be resolved by itself over time.

In fact, those excuses will lead taxpayers to a dangerous zone of their tax compliance which attracts either penalty taxes or tax offenses under Crimes (Taxation Offences) Act 1980.
It is said that “prevention is better than cure”. Do not bury your head in the sand because it will not go away by itself. Taxpayers can contact an accountant to resolve this issue before the matter is burning their fingers. Interestingly, with good strategies and experience, I have resolved a tax offense case which the client was prosecuted with either $50,000 fine or 2 years of imprisonment caused by assumptions.
If you have any doubts about your tax obligation position, stay away from assumptions and hearsay, contact a professional accountant can save your money or even your freedom.
Remember please talk to one of the most professional and trustworthy accountant and tax agent in Ashfield Sydney and Adelaide South Australia to help you to minimize the tax position, maximize the legally entitled tax refund, and at the same time, to help you to become compliance, and minimize potential tax audit risk. Please give John a call on 0410-829-900, or email hello@endurego.com...

Are you a first home buyer looking for that first dream house, our home loan specialist from EG home loan would be able to guide you through and support along the way and work with you to settle that house and turn into the home you always want to live in. We will guide you through the maze associate with the first home buying, and provide the first home buyer coaching program to all the first home buyers.
[caption id="attachment_951" align="aligncenter" width="6000"] home sweet home for first home buyer[/caption]
Our home loan specialist will work with you on the saving aspect and work out what would be the optimal first home buyer deposit you need to have, if your borrowing is over 80% of the loan valuation ratio, then normally you need to pay a lender mortgage insurance, a lender mortgage insurance is not to protect you but to protect the bank in the event of default. Lender Mortgage Insurance is additional cost to you, normally it is around 5% of the home loan. If you are interested in construction instead of buying your first house, our specialist also has plenty of options for you, this information at construction.co.uk will let you know about all the construction companies e work with.
Another tip is to do thorough research on the location where you want to buy the house, for example the average price of the suburb, and whether the location has schools to meet your children’s objective. However, one the most important tip for first home buyer is before you sign the contract, please give us a call on 0410-829-900 as we will then look at the Bank’s security database to see whether the property is acceptable to the bank in accordance with their security register.
We will then work out the optimal home loan size suitable to your circumstances, we will review your payslip and employment situation, and locate a home loan product suitable to you, we will help you to find that lower interest rate home loan with minimum fee, hence the home loan will be cheaper and more affordable to you, our motto is to provide a solution based service to help you to meet your need.
We will provide the home loan service in a caring and professional manner, because we know you really care about buying that first house and turn into the home for your loved ones, and because you care, we will provide the professional home loan service to care about you.
Please give us a call on 0410-829-900 or visit our website at www.endurego.com, and send us an email to sales@endurego.com....

Are you Uber driver running Uber business in Sydney Ashfield and Adelaide.
We will help you to review your tax return and bas returns to help you to evaluate your potential tax audit or compliance risks. We will also help you maximise your tax return well stay safe withith Australian tax office.
One of the mistake which Uber driver make is to rely on bank statement for expense entries, for example if there is an entry in the bank statement of Caltex $700, the User driver will categorise it as fuel expense, and claim GST, but ATO don't recognise the bank statement entries as a proper substitution evidence, and if there is a tax audit, the Uber driver might not be claim those expenses and have to refund the GST claimed, pay shortfall penalty and also higher taxes.
A second commonly happened mistake is Uber driver do not keep log book , as the car which the drive is a passenger car, hence if they don't keep a logbook conforming to the ATO standard, then if you're caught with tax audit, ATO might argue that that they don't know the weight of a business percentage for the car, hence as result you can not claim any money for the car related expenses which is the bulk of the expenses for UBER driver. On top of it, you most have to refund the overclaimed GST and have to pay 25%, or up to 95% of the overclaimed ad shortfall penalty.
As one of the specialist accounting firm in Ashfield Sydney and Adelaide, it is our job to maximize your tax position while keeping you safe from tax audit from ATO. Please give us a call on John on 0410829900 or email us on JC@endurego.com....